He’s obviously not going to be president, and now one of his pet projects has apparently bit the dust as well. In more bad news for trailing presidential hopeful Newt Gingrich, the Atlanta Business Chronicle reports that his health care think tank, The Center for Health Transformation, filed for bankruptcy Wednesday in a U.S. Bankruptcy Court in Atlanta.

Known in Washington circles as “Newt, Inc.,” AKA The Gingrich Group, Gingrich’s health-care consulting company’s purported goal was to develop a modernized health-care system that saved lives and reduced costs.

Of course, when talking about Gingrich, there’s bound to be some shady scandals. In November, the Washington Post reported that the think tank had collected over 30 million dollars from the health care industry since 2003 in member fees. Though Gingrich has sworn that he’s not a lobbyist, taking money from health care firms and then trying to make changes in the health care system that benefit those firms sure does sound like lobbying.

New statements from the think tank’s CEO put that number much higher, with the center raising about 55 million dollars from 2001 to 2010.

Now, Newt Gingrich’s flailing think tank has estimated liabilities of 1 to 10 million dollars and about 50 to 90 creditors.

Though Gingrich divested himself in involvement in the think tank’s operations in May to focus on his presidential run, this bankruptcy filing still doesn’t bode well for the struggling candidate.

“This ends his campaign,” said Emory University political science professor Merle Black.

An end to Newt Gingrich’s strange and slightly lazy run for office is probably a good thing. One less candidate with his hands in the pockets of the health care industry is another victory for the millions of Americans struggling with health care woes.